A THOMASIAN banker was appointed to the Monetary Board of the Bangko Sentral ng Pilipinas by President Rodrigo Duterte last June 28.

Peter Favila will return to the monetary board, where he last served from 2008 to 2014.

Favila obtained his banking and finance degree from the College of Commerce in 1968.

He served as trade and industry secretary from 2005 to 2010.

The monetary board is composed of seven members, including a Cabinet member appointed by the President, as provided by Republic Act 7653 or the New Central Bank Act.

The board will serve for six years and shall determine monetary or interest-rate policy and oversee the central bank.

Favila was joined by Antonio Abacan Jr., former Metropolitan Bank & Trust Co. chairman, in the board. They will replace ex-central banker Armando Suratos and Alfredo Antonio, former Development Bank of the Philippines chairman.

Favila served chairman of the Philippine Stock Exchange, one of the oldest stock exchanges in Asia. He was also president of Security Bank, Philippine National Bank (1995 to 1998) and Allied Banking Corp. (1998 to 2001).


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